Tuesday, 2 June 2020 13:08 WIB |
PRECIOUS METALS |GOLDEMAS
Gold prices on Tuesday held on to last session™s more than one-week high on concerns around U.S.-China relations and as rising violent protests in the United States stoked fears of a resurgence in virus cases, while optimism on reopening of economies checked their rise.
Spot gold was flat at $1,739.48 per ounce, as of 0344 GMT. U.S. gold futures rose 0.1% to $1,752.10.
The U.S. is likely to revoke Hong Kong™s special status, and China would retaliate by limiting purchase of U.S. products- putting the China-U.S. trade deal in doubt, and providing support to gold; while the easing of lockdowns is limiting gains, Sharma added.
œIt appears that there are factors both supporting, and limiting appreciation in the gold price, said National Australia Bank economist John Sharma.
In a sign that the worst of the economic downturn from the coronavirus pandemic might be over, U.S. manufacturing activity crawled up slightly from an 11-year low, and China™s factory activity unexpectedly returned to growth- in May.
Source : Reuters